Market Snapshots

EURUSD Wave Analysis – 13 August, 2020

EURUSD Wave Analysis – 13 August, 2020

• EURUSD reversed from support level 1.1710

• Likely to rise to 1.1900

EURUSD recently reversed up from the support level 1.1710 (low of the previous correction (iv)), intersecting with the 38.2% Fibonacci correction of the previous upward impulse from June.

The upward reversal from the support level 1.1710 created the daily Japanese candlesticks reversal pattern Morning Star.

EURUSD is likely to rise further toward the next resistance level 1.1900 (top of the daily Evening Star from the start of August).

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